No, it's still shared. I have PS+ on one account purely so I don't get a huge gaming library mixed in and clogging up with my own purchases but I always play games on my second account. Online works but I don't get to upload my saves to the cloud doing it this way.
So in a nutshell - online play works, PS+ game sharing works but only the PS+ account will get cloud save uploads and PS store discounts.
So in a nutshell - online play works, PS+ game sharing works but only the PS+ account will get cloud save uploads and PS store discounts.